The price of cryptocurrency Alchemy Pay (CRYPTO: ACH) is surging almost 120% in early Friday trading.
What Happened: The surge in Alchemy Pay’s price comes after crypto custody services provider Cobo said Thursday it has partnered with crypto-fiat hybrid payment solutions provider Alchemy Pay to add hybrid crypto-to-fiat payment options to its platform.
The two companies will partner to offer overseas payment channels to millions of customers using their services.
ACH is the Ethereum-based (CRYPTO: ETH) governance token of Alchemy Pay. It has a market capitalization of $193.9 million.
Why It Matters: The ACH token had rallied 127% on Wednesday after crypto exchange Binance said Wednesday it has partnered with Alchemy Pay to build a payment bridge between crypto and fiat through the Binance Pay wallet.
In addition, crypto exchange Coinbase Global Inc. (NASDAQ:COIN) said earlier this week that users will be able to transfer ACH to their Coinbase Pro wallet, with trading beginning on August 3.
Price Action: Alchemy Pay touched a high of $0.07799 late Thursday. The altcoin is up 118.3% during the last 24 hours, trading at $0.0649 at press time.
Read Next:
- Google Resumes Allowing Ads Related To Bitcoin, Other Cryptos — With Plethora Of Restrictions
- Best Cryptocurrency Apps
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!